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Bloomberg Sweden’s economic growth unexpectedly accelerated in the second quarter as consumer spending and exports picked up. Gross domestic product advanced 1.0 percent in the period, accelerating from a revised 0.8 percent in the first three months of 2018 and beating the 0.5 percent estimate in a Bloomberg survey of economists. GDP grew 3.3 percent from a year earlier. The ...

Bloomberg Nokia Oyj plunged after saying customers aren’t quite ready to increase spending on faster networks and are demanding price cuts. In the second quarter, Nokia’s operating profit fell 42 percent to 334 million euros ($391 million), short of the 374.5 million-euro average of analysts’ estimates compiled by Bloomberg. Suri said he expects market conditions to improve further in the ...

The news that the Deutsche Bank AG has transferred about half of its business clearing euro-denominated derivatives to Frankfurt from London shouldn’t come as a surprise. But it’s another reminder that money flows to where it feels most welcome and stays where it’s well treated — and post-Brexit London is set to be a more hostile environment for finance. Even ...

Commodity funds are going soft. The investors who helped bid up the price of LME copper to a four-year high of $7,348 a metric ton last month are beating a path to the door. Holdings of investment funds in Chicago copper futures this month crashed to a net short position for the first time since the election of US President ...

Initial coin offerings are a hot topic, but the focus tends to miss the most important innovation. Attention naturally is on the 81 percent that are frauds, but the honest ones raised $7 billion for cryptocurrency initiatives in 2017. Those were predominately for double-block-chain ideas, which is blockchain funding to support a blockchain project. Frauds permeate crypto projects because they’re ...

The Trump administration claims that it has mostly met a court-ordered deadline to reunite migrant families separated at the border. Even to the extent that’s true, this is a story without happy endings. More than 700 of the nearly 3,000 children originally separated from family members remain in government hands, either because their parents have already been deported or they ...

Don’t accuse Mark Carney of being a currency manipulator (anymore). True, the Bank of England Governor has something to answer for. He announced an interest-rate cut in August 2016, just as the Brexit vote sent sterling reeling. That worsened the devaluation, and proved he was no friend of the currency. It was complicated. Now, they’re back on speaking terms. The ...

Losing Sergio Marchionne is a blow for Fiat Chrysler Automobiles NV. For Ferrari NV, it’s a calamity. While investors had grown used to the idea that Marchionne would retire as Fiat CEO next year, they thought he’d be leading the sportscar maker until 2021 at least. Instead, Louis Camilleri — the former boss of Philip Morris International Inc — will ...

Macroeconomics tends to advance — or, at least, to change — one crisis at a time. The Great Depression discredited the idea that economies were basically self-correcting, and the following decades saw the development of Keynesian theory and the use of fiscal stimulus. The stagflation of the 1970s led to the development of real business cycle models, which saw recessions ...

Bloomberg Something interesting happened in Swedish finance last quarter. The only big bank that managed to cut costs also happens to be behind one of the industry’s boldest plans to replace humans with automation. Nordea Bank AB, whose Chief Executive Officer Casper von Koskull says his industry might only have half its current human workforce a decade from now, is ...